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Nigeria’s reserves fall

by Business News Report

Nigeria’s foreign reserves declined by 4.7 per cent from N3,604.2 million at end of the December 1986 to N3.435.1 million at the end of April this year.
Foreign exchange transactions through the Central Bank resulted in a net inflows of N649.9 million in contrast to net outflows of N554.5 million and N185.5 million in the previous month and in the same month last year respectively.
There was a net loss of 169.1 million in reserves as recorded in the first four months of the year.
The total foreign exchange inflow through the Central Bank and other authorised dealers in April stood at N1,729.4 million indicating increases of 6.4 and 182.4 per cent over its levels in the preceding month (March) and in the corresponding month of 1986 respectively.
The sharp increase recorded over the twelve month record was attributable to the depreciation of the naira in the SFEM biddings.

Receipts from oil sector amounted to N1.178.1 million a decrease of 0.02 per cent from the preceding month’s level but an increase of 119.5 per cent above the level in April 1986.
Non-oil receipt stood at N551.3 million representing increase of 23.5 and 627.3 per cent over the levels in the preceding months and in April 1986 respectively.
Non-oil receipt through the CBN and the authorised dealers during the review month were N232.2 and N319.1 million respectively.
Cumulatively receipts of both oil and non-oil during the first four months of 1987 totalled N7,255.1 million, representing an increase of 134.6 per cent above the level of N3.092.3 million during the same period of last year.
Total oil receipt rose by 87.6 per cent from its level in April 1986 to N5,330.8 million and represented 73.3 per cent of the total while non-oil receipt stood at N1.934.3 million or 26.7 per cent.

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